HSBC veteran named as new Co-op Bank chief

Mr Booker has held a variety of senior roles at HSBC in a career of more than 30 years, spanning retail and corporate banking.

Most recently, he was group managing director and chief executive officer of HSBC North America. He will take up his new roles on June 10.

It was announced on Friday the Co-operative Bank is to stop lending to new corporate customers as it seeks to repair a major hole in its finances.

Euan Sutherland, group chief executive of the Co-operative Group, said: “We are delighted that Niall is joining the Co-operative Group.

“With his strong background across the banking sector, covering both retail and corporate, he is the ideal person to lead the Co-operative Bank at this important time in its history.

“He clearly brings the strategic and operational skills that we need to help take the bank to the next stage of its development.”

Mr Booker, 54, said: “I am delighted to be joining the Co-operative Group under Euan’s leadership.

“Along with the rest of the Co-operative team I will be focused on the actions to strengthen our balance sheet and satisfactorily resolve our underlying issues, while at the same time continuing to serve our existing customers.”